Alternative Path

[gdl]

Economic activity pushed positive in services and manufacturing, no surprise. Housing still under water. Warning for the big retailer. Same old. Everyone is convinced we are in a BULL CYCLE not to be denied. Perhaps they are right. Everyone expects only a mild pull back here.

Boring.... Yup no matter how stark the evidence of a calamity in the making we stay calm and bullish. I suspect even a 200 SPX point day drop would not shake anyone's conviction.